Import and export prices in the U.S. both increased by more than expected in the month of July, according to a report released by the Labor Department on Thursday.
The report said import prices climbed by 0.7 percent in July after surging up by 1.4 percent in June. Economists had expected import prices to rise by 0.4 percent.
The bigger than expected increase in export prices came as prices for fuel imports soared by 6.9 percent in July after skyrocketing by 21.9 percent in June.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.